The Pre-Owned Vehicle Market's Revival in 2024

The Pre-Owned Vehicle Market's Revival in 2024

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The British used car market is projected to see significant growth in 2024, fueled by an surge in vehicle availability and shifting consumer demands. Following a difficult 2023, where new automobile supply issues due to chip shortages and post-COVID disruptions impacted the market, 2024 is projected to be a period of recovery and stabilization​ (Grant Thornton UK LLP)​​ (EY)​.

With makers boosting output to meet demand and maintain plant utilization levels, the wave of new automobiles is expected to boost the used car market as well. The sales of pre-owned vehicles are expected to hit 7.3 million cars in 2024, rising from an projected 7.05 million units in 2023. This increase, however, still lags behind pre-pandemic levels of 7.9 million units in 2019​ (Grant Thornton UK LLP)​.

One of the key trends to watch is the pricing volatility of BEVs (BEVs) in the secondhand market. As technology improvements persist and government policies change, the market for pre-owned BEVs may see significant fluctuations. automotive The overall outlook remains cautiously optimistic, with the sector steadily acclimating to current economic conditions and buyer needs​ (Grant Thornton UK LLP)​.
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